I remember when we launched it, one of the questions was, Are we now becoming like other online businesses wherewhy are we focusing on shipping? My response to that was, We are about removing friction. There are many times when you wont even get in your car to drive 30 minutes for an item. What do you look for in culture? Nick Huzar: In our case, we happen to have two different buckets. To ensure a more trustworthy transaction, the marketplace has a verified identification system (which requires state-issued identification and Facebook profile), user profiles, buyer and seller ratings and in-app messaging. We were not paying ourselves. Nick Huzar facilitated the design and implementation of a completely new website as the company transitioned from Voicestream to T-Mobile. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? We give them promotions and analytics. 10/10 Amanda Bynes- Estimated Net Worth $3 Million. He has founded many companies which are doing very well. The first year, thats what we did. If you look at annual adoption from our customers, were looking at over 44 million. His main source of income is his career as an entrepreneur. We could leverage chat. I would design. My wife is also my boss. OfferUp has a very visual interface so the quality of your photos can impact how many offers you receive. If you can leave a review as well, that would be fantastic. Get a custom action plan and all the help that you need to start raising more capital. I think thats a great idea. He and I threw in $800 the first event. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. Okay, great. He was definitely that. We had this concept of why cant we just emulate that online? I was leading projects for Paramount Parks. In March 2020, the company raised another $120 million through the acquisition of Letgo. We had a lot of great. You went to Washington State University, and you got involved with business and computers. The boss, obviously, in your life. How was life growing up there? As of March 2023,Nicki Minaj has an estimated net worth of over $100 million. brooke posch wedding; cockatiel breeders nsw Men umschalten. That was the whole idea. As of February 2023, Nick Jonas' net worth is estimated to be $70 Million. Until now. I think well continue to see a shift towards mobile, van Veelen said. So, you can wrap a 77 square around every man, woman, and child in this country in storage space. Despite these statistics, 68% plan to donate their unneeded items, and more than one in eight people planned to throw them in the trash. Also. We learned through that experience. I just wanted them to believe it actually worked. I started to buy and sell things locally. Opinions expressed by Forbes Contributors are their own. I wont list them all, but thats everything from simplified. Nick Huzar is the co-founder and CEO of Offerup which provides an online and mobile C2C marketplace app for people to buy and sell electronics, furniture, and cars. The company has raised $380 million from top tier investors such as Andreessen Horowitz, GGV Capital, Tiger Global Management, Warburg Pincus, T. Rowe Price, and Allen & Company to name a few. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. Again, because were always focusing on removing friction. Nick Eh 30 Net Worth. Net Worth:$100 MillionAge:39Born:December 8, 1982Gender:FemaleHeight:1.57 m (5 ft 2 in)Country of Origin:Trinidad & TobagoSource of Wealth:Rapper/ActorLast Updated:August 2, 2022. The shoes Im wearing are from OfferUp. The other one was the cameras would get better, and we could leverage that. So, there were a series of different changes over a period of time to be explored. Ultimately, they decided to close it down. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. northern state university softball roster. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. So, when we built out shipping, we said, Why not just enable this so you can continue to do local transactions, but now you dont even need to get in your car. And it opens up the nation for buyers and sellers. Alejandro: Very nice, and very timely given the times that were living in. He began acting in theater at the age of 7 and released his debut single in 2002. When you first open up the OfferUp app, there are a lot of different things that we are doing and surfacing to buyers on the platform because were trying to find things that we think people are really interested in. Users can conduct the entire transaction through their smart phone: snapping and uploading photos of an item to sell, adding a description and interacting with potential buyers. I feel like if you get those things rightsure, there are plenty of other challenges, but theyre going to be a lot easier to navigate if you have the right people on the bus. There he designed the original platform and directly managed the engineering and design teams in addition to his daily duties as the companys Chief Technology Officer. Thats been the whole focal point of the business since Day One. I need to show you something. Basically, I had prepared a 12-slide pitch deck to pitch my wife on the idea. I feel like I build things and sculpt things, and that works well for me. We made a lot of mistakes hiring. We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. So, I think its a founders job to be intentional about the type of culture that theyre going to build as a company and bring that into everything they do from promotions to recruiting. I was fortunate to sit next to engineers who taught me how to code. What is in the retail store down the street, and why dont people know that those things exist in there. There are so many things that you can influence and help drive. Youve probably thought about this very well at the beginning, and now as youre looking at pushing other markets, how do you guys think about liquidity in the marketplace? I had a wife that was working, and I had a daughter on the way. His name is Arean, and hes very talented, and I think in the first year, it was just he and I coding. Weve always focused a lot on this excess of sellers and buyers and connecting them. I go back to even reflecting on my own decisions. How will you associate putting paint on a canvas with perhaps building and scaling a business? Okay, great. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. So, obviously, part of the startup experience too. Founded in 1995 by Craig Newmark, Craigslist is the local classified advertisements website that generates over 50 billion page views per month all without an iOS or Android app. I have a trampoline that I purchased. Thats equally as important. He only had one job. I look forward to it. We were never going to beat and become something like a Facebook. I had a mother who was a therapist, so I like to think Im a pretty good mix of both of my parents, which happens to, I think, be an advantage given what I work on. He has a small car collection also which . People were throwing money everywhere. I know that OfferUp was also a result of doing a pivot. If you look at commerce in general in the U.S., about 85% of it is still not online today. Founded in 2011, the peer-to-peer commerce marketplace generated more transactions in less than five years than EBay North America had generated in its first 10 years. I feel like if you get those things rightsure, there are plenty of other challenges, but theyre going to be a lot easier to navigate if you have the right people on the bus. Our homes are actually 30% larger than the 1950s, but were having less children. I left, and I had a co-founder and an investor that ran it for another year. I was leading projects for Paramount Parks. So, I think its a founders job to be intentional about the type of culture that theyre going to build as a company and bring that into everything they do from promotions to recruiting. Nick Huzar is the co-founder and CEO of Offerup which provides an online and mobile C2C marketplace app for people to buy and sell electronics, furniture, and cars. It wasnt to be great in search like other marketplaces are. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. I think that were going to really enjoy the guest that we have today. You may opt-out by. The Investment Thesis: A Venture Capitalist Perspective. : Definitely, you learned the sleeping on an air mattress and living in the office. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. We were finding that theyre able to sell cars way faster by signing up for this program. I used to go to Goodwill stores, and Id realized the cars never stopped. It was great. Here, I think that you were alluding to it by hiring the wrong people, maybe not having the right people seated in the right seats. Or, diving deep. If you can imagine five guys sitting down in a room coding with just stuff everywhere, thats what our first office looked like. Weve always focused a lot on this excess of sellers and buyers and connecting them. Rather than specify a price, sellers can also list their item as not firm on price, which means buyers are able to chat and negotiate with sellers before deciding on a price. My parents threw me into a bunch of things as a kid. I had a room full of stuff. I had a mother who was a therapist, so I like to think Im a pretty good mix of both of my parents, which happens to, I think, be an advantage given what I work on. It was extremely expensive back then. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. I need to have it. And, by the way, I never told the seller that I worked at OfferUp. Nick Huzar: As I mentioned earlier, with some of the founding stories, Id say liquidity [28:19] is the number one metric that we spend a lot of time focusing on because we want to make sure that were creating the best experience for buyers and sellers. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. I think thats a big part early on. So, to jump into another startup was the last thing in my mind. I analyzed every way, everybody. You add all these things up, and I kept thinking to myself, I think while there are existing solutions for this problem, I dont think theyre meeting the needs of people, clearly. I mentioned the stories of our origin; I still feel like were very much in the early days. That was the idea behind it. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. I need to have it. Designer and entrepreneur Melody Ehsani takes us on a journey from her early days working retail, to designing her first shoes and jewelry lines, to collaborating with Red Hot Chili Peppers and Jordan brand before taking on a bespoke role at Foot Locker. We had been married, and we always wanted to have kids. Little did we know social media was coming. I told her; I said, Look. I go back to even reflecting on my own decisions. So, I have three kids bikes. How much is Nick Kyrgios' Net Worth in 2022? OfferUp has raised over $221 million from some of the smartest minds in technology and finance, including one of its most recent investors, Max Levchin, co-founder of PayPal and co-founder and chief executive officer of Affirm. See How I Can Help You With Your Fundraising Efforts. But, luckily, she was supportive, and I think shes always believed in me. : Got it. : Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? He bagged this fortune because of his hard work and his excellent gaming skills. I wont list them all, but thats everything from simplified. They are the two young entrepreneurs behind OfferUp, the mobile-driven local marketplace that is disrupting the way that we buy and sell merchandise. Tell us about the early days, and also how you incubated the concept of the idea. Nick Hanauer Net Worth. It was extremely expensive back then. He was able to figure things out. Then, adaptable. Relationship: Married . Theres a handful of operating principles that we use, and then for people that are on the interview loop, we ask them to ask some questions to probe for those, and we also bring those principles into our performance reviews. The fast-forward, over the next year or so, we had done 30 of these. I was just a sponge. : Marketplaces are obviously a beast. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. According to Jordan, as a mobile-first platform, OfferUp emerged as a disruptor by providing an improved user interface, frictionless experience and on-demand transactions from anywhere. I had a father who worked at Boeing his whole life. Nick Huzar: Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? . In the first year, I think the hard part was, I had convinced a brilliant engineer that I worked with and connected to co-found OfferUp with me. Again, given my artistic bent, I taught myself Photoshop. We had a lot of great business minds on our board, but not tech-minded individuals, which created a challenge. While consumer commerce continues to evolve in specific areas, its rare to have a company completely redefine the marketplace experience from start to finish. The hottest area in real estate is not commercial, is not residential; its actually storage. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Even though we have these amazing giant tech companies, we still think theres a huge opportunity in local, and thats going to be our focus and continue to be our focus. An example of that is, can I take complex problems and distill them down? Ive been interviewing, but I also have this idea I want to run by you. The pitch, to be clear, had nothing to do with used goods, and it still doesnt to this day. Within a year, year and a half, I was loving the internet. I think an important lesson for people that are building businesses: have an amazing significant other thats understanding because had she said no, we wouldnt be talking right now. Within a year, year and a half, I was loving the internet. How Does OfferUp Make Money? You can literally use it for almost anything. He and I would sit down and rift on things quite a bit. We sell a ton of cars at OfferUp. We hired too quickly, and we didnt know what we wanted. As a marketplace, OfferUp is not only positioned to help declutter your life, but it is also a monetization platform to convert unwanted items to extra cash. Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at, EP 199 Nick Huzar On Raising $380M To Build A Marketplace App That Is Used By 44 Million People, Bill Powers On Raising $500 Million To Improve Your Driving Behavior, Cap Table: Everything Entrepreneurs Need To Know, He Cofounded A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, Sacha Michaud On Cofounding A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, His Previous Business Is Worth $1 Billion And Now Raised $54 Million To Create A Cloud-Native Database Service, Nikita Shamgunov On Building A $1 Billion Business And Now Raising $54 Million To Create A Cloud-Native Database Service. But I kept thinking to myself, Man, because of these devices, can we re-imagine what local commerce actually is? I started to uncover things like 25% of U.S. households with a two-car garage cant park in their garage. (Photo Credit: [+] OfferUp), At the 2013 White House Correspondents Dinner, Conan OBrien quipped that Matt Drudge, founder of the Drudge Report, was not in attendance because he had a prior commitment to teach a web design class in 1997.. So, we got very intentional about that. We thought to ourselves, why couldnt you just build a platform that would enable anybody to build basically what is now known as social media? I essentially told them, Look. Nick Huzar: What I love about building companies. So, there were a series of different changes over a period of time to be explored. Hello everyone, and welcome to the DealMakers show. The first thing in my mind was not, Hey, theres something here. Theyre using it, and if you look at the usage overall, were looking at billions of dollars every month worth of goods being sold on the OfferUp marketplace. I think in any business, you have to bring more to the table than an idea, and you have to be able to contribute. I could design all the apps, but Im not a great back-end engineer at all. How was life growing up there? That was my first big venture out on my own raising money, building out a team, everything associated with building a company. I think were probably one of the top places in the country in terms of units. Divided Government And The Way Forward For The Markets, How Negativity Bias Leads To Mistakes In Portfolios, Transforming The Wealth Management Experience For Todays Client, MoneyStamps Of South America - As Investments, Theyre Different Part 1, Covid-19 Related Municipal Defaults Begin, The Dynamics Of Price Discovery In The Stamp Market. I think thats a great idea. He and I threw in $800 the first event. The first thing in my mind was not, Hey, theres something here. So, you get the green light, and what happened next? The way we separated those out was intentional, where we came up with core values fairly early in our evolution, and what we didnt want to do is what I think a lot of companies do. There were thousands of them. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. Dunlap joins OfferUp at an exciting time for the company. Youve probably thought about this very well at the beginning, and now as youre looking at pushing other markets, how do you guys think about liquidity in the marketplace? He set up our entire first back-end system on AWS. I am excited to work with Nick, Arean and the team there to continue to usher in the era of mobile-driven local commerce.. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. I had a blessed upbringing. He set that up. Now valued at over $1 billion, OfferUp is no different. Nick Huzar: OfferUp Current Net Worth: Not known Years at Microsoft: 1 Nick Huzar spent time at Microsoft and T-Mobile after graduating from Washington State. Thats a nice, easy way to get ahold of me. So, good stuff. Its not just up and to the right. In this case, it led you to where you are today. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Again, you have to convince people why do they want to come along in this journey, this risk of this fun, proven idea? Bloomberg Business of Sports lets you follow the money in the world of sports, reporting on trades, salaries, endorsements, contracts and collective bargaining. Id say as hard as it is, the people are everything. Success is not a linear line. So, thats the time in history when I graduated. For years, Craigslist has been the go-to website to buy and sell used items online. OfferUp is that type of company and it has been rewarded by a fiercely loyal and engaged user base, and explosive growth.